Economic sanctions have garnered headline attention in 2014. The Russian seizure of Crimea and support of separatists within the eastern Ukraine, if not the downright invasion of that region, have led the United States and its allies to impose financial sanctions on Russian politicians and oligarchs and their economic interests.
It is unclear the extent to which such moves have deterred Russian actions. Conversely, the so-called “P5+1,” consisting of the United States, China, Russia, France, Germany and the U.K., have held out to Iran relief from long-standing sanctions to induce that country to give up or at least scale back its ambitions to become a nuclear power. But, such sanctions do not just have geopolitical implications, they also directly and indirectly affect the economic interests of those doing business in the United States as well as non-U.S. persons transacting business in the United States or with U.S. interests. As this article briefly addresses, insurers and reinsurers, both in the United States and abroad, if they have not done so already, are well-advised to adopt effective and detailed policies and procedures relating to sanctions and to review and revise current sanctions policies and procedures to ensure they are robust enough to adapt to the changing sanctions environment.
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